On Thursday, cydy raised $1 million in seed funding led by Lightspeed Venture Partners and Accel Partners.
The funding will be used to expand its blockchain operations and create additional jobs in the community.
“Cydy will create a platform to connect and support people in need in the Bitcoin and blockchain space,” the company said in a statement.
“This platform will allow people to connect with and engage with one another through the use of a decentralized platform.”
In addition to Cydy, Lightspeed is also investing in the digital asset startup, according to a statement released by Cydy.
The company is developing its blockchain technology and working on other businesses, according the statement.
The investment rounds come as bitcoin is seen as a major financial bubble and investors have been cautious about the cryptocurrency.
Cydy raised about $3.5 million from other investors in April, the company’s cofounder and CEO, Matt Corrigan, said at the time.
In a video about the company, he said the funding comes from “a lot of people that have been passionate about this space for a while.”
He said the goal is to create a company that can help people in the area of cybersecurity and digital asset security.
Cyyd’s website says it’s working with businesses to offer cybersecurity services to businesses, and will be working with universities to offer training to students.
Cycy is working to expand and support its network of employees.
“We’re going to be creating some new positions that will be dedicated to building the cybersecurity skills of our community,” Corrigan said in the video.